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Re: Oil rises above $90 amid US crude supply drop

Originally Posted by drz-400

I saw the other day that Transcanada has been trying for some time to get an oil pipeline to go across the US. Basically it would make a path from Cushing OK to the gulf. Its called the Keystone XL pipeline.This would do a lot to get rid of the huge spread between the WTI in cushing and Brent in Europe, but it has been held up by the EPA forever. Apparently several members of congress petitioned against it on the grounds that it would cause greenhouse gas emissions to jump. The irony of it is, now because of the huge spread in prices it is profitable to ship it via rail and truck. As if that does not emit and greenhouse gases...

Re: Oil rises above $90 amid US crude supply drop

Originally Posted by ptif219

Oil prices are not from peak oil.

Originally Posted by j-mac

Lies.

j-mac

Originally Posted by washunut

You sound like Trump, another conspiracy theory!

I have referenced below expert documentation of approaching world peak oil:
STRATEGIC ENERGY POLICY CHALLENGES FOR THE 21ST CENTURY
*
Report of an Independent Task Force Sponsored by the James A. Baker III Institute for Public Policy of Rice University and the Council on Foreign Relations

"That Americans face long-term situations such as frequent sporadic shortages of energy, energy price volatility, and higher energy prices is not the fault of President Bush. The failure to fashion a workable energy policy rests at the feet of both Democrats and Republicans. Both major political parties allowed energy policy to drift despite its centrality to America’s domestic economy and to national security. Energy policy was permitted to drift even though oil price spikes preceded virtually every American recession since the late 1940s. The American people must know about this situation and be told as well that there are no easy or quick solutions to today’s energy problems. The president has to begin educating the public about this reality and start building a broad base of popular support for the hard policy choices ahead."

"If economic growth continues, price spikes and supply shortages could become widespread recurring events challenging expectations of free energy and making the United States appear more similar to a poor developing country."

"As it is, national solutions alone cannot work. Politicians still speak of U.S. energy independence, while the United States is importing more than half of its oil supplies and may soon for the first time become reliant on sources outside North America for substantial amounts of natural gas. More flexible environmental regulation and opening of more federal lands to drilling might slow but cannot stop this process.Dependence is so incredibly large, and growing so inexorably, that national autonomy is simply not a viable goal. In the global economy, it may not even be a desirable one."STRATEGIC ENERGY POLICY CHALLENGES

What experts do you refererence that dispute we are approaching world peak oil?

Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

Re: Oil rises above $90 amid US crude supply drop

Originally Posted by Catawba

I have referenced below expert documentation of approaching world peak oil:
STRATEGIC ENERGY POLICY CHALLENGES FOR THE 21ST CENTURY
*
Report of an Independent Task Force Sponsored by the James A. Baker III Institute for Public Policy of Rice University and the Council on Foreign Relations

"That Americans face long-term situations such as frequent sporadic shortages of energy, energy price volatility, and higher energy prices is not the fault of President Bush. The failure to fashion a workable energy policy rests at the feet of both Democrats and Republicans. Both major political parties allowed energy policy to drift despite its centrality to America’s domestic economy and to national security. Energy policy was permitted to drift even though oil price spikes preceded virtually every American recession since the late 1940s. The American people must know about this situation and be told as well that there are no easy or quick solutions to today’s energy problems. The president has to begin educating the public about this reality and start building a broad base of popular support for the hard policy choices ahead."

"If economic growth continues, price spikes and supply shortages could become widespread recurring events challenging expectations of free energy and making the United States appear more similar to a poor developing country."

"As it is, national solutions alone cannot work. Politicians still speak of U.S. energy independence, while the United States is importing more than half of its oil supplies and may soon for the first time become reliant on sources outside North America for substantial amounts of natural gas. More flexible environmental regulation and opening of more federal lands to drilling might slow but cannot stop this process.Dependence is so incredibly large, and growing so inexorably, that national autonomy is simply not a viable goal. In the global economy, it may not even be a desirable one."STRATEGIC ENERGY POLICY CHALLENGES

Re: Oil rises above $90 amid US crude supply drop

"Why Are Gas Prices So High?:
The main reason for high gas prices are high crude oil prices."

Thanks!

Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

Re: Oil rises above $90 amid US crude supply drop

Originally Posted by Catawba

I have referenced below expert documentation of approaching world peak oil:
STRATEGIC ENERGY POLICY CHALLENGES FOR THE 21ST CENTURY
*
Report of an Independent Task Force Sponsored by the James A. Baker III Institute for Public Policy of Rice University and the Council on Foreign Relations

"That Americans face long-term situations such as frequent sporadic shortages of energy, energy price volatility, and higher energy prices is not the fault of President Bush. The failure to fashion a workable energy policy rests at the feet of both Democrats and Republicans. Both major political parties allowed energy policy to drift despite its centrality to America’s domestic economy and to national security. Energy policy was permitted to drift even though oil price spikes preceded virtually every American recession since the late 1940s. The American people must know about this situation and be told as well that there are no easy or quick solutions to today’s energy problems. The president has to begin educating the public about this reality and start building a broad base of popular support for the hard policy choices ahead."

"If economic growth continues, price spikes and supply shortages could become widespread recurring events challenging expectations of free energy and making the United States appear more similar to a poor developing country."

"As it is, national solutions alone cannot work. Politicians still speak of U.S. energy independence, while the United States is importing more than half of its oil supplies and may soon for the first time become reliant on sources outside North America for substantial amounts of natural gas. More flexible environmental regulation and opening of more federal lands to drilling might slow but cannot stop this process.Dependence is so incredibly large, and growing so inexorably, that national autonomy is simply not a viable goal. In the global economy, it may not even be a desirable one."STRATEGIC ENERGY POLICY CHALLENGES

What experts do you refererence that dispute we are approaching world peak oil?

How about the finding by Hess Oil just today that an area they have been exploring has just found it holds 3 billion barrels of oil. Or Boone Pickens on TV this morning talking about the amount of nat gas we have in the U.S. which he estimates at 7 QUADRILLION BTUs. He says the low side others have estimated at 3 Quadrillion. Somewhere between 50-100 year supply of natural gas. Just a couple of examples. Why do you think nat gas is selling at such a low price.

Re: Oil rises above $90 amid US crude supply drop

Originally Posted by washunut

How about the finding by Hess Oil just today that an area they have been exploring has just found it holds 3 billion barrels of oil. Or Boone Pickens on TV this morning talking about the amount of nat gas we have in the U.S. which he estimates at 7 QUADRILLION BTUs. He says the low side others have estimated at 3 Quadrillion. Somewhere between 50-100 year supply of natural gas. Just a couple of examples. Why do you think nat gas is selling at such a low price.

3 billion barrels will not have any effect on peak oil, and it looks like Hess oil agrees with the other experts on peak oil:

"The U.S. should consider raising federal gasoline taxes to $1 a gallon and boosting average fuel economy to 50 miles a gallon to help avert a global energy crisis, the head of oil company Hess Corp. said.

Natural gas is also not a factor in peak oil.

Is this your entire case to present against the experts who have determined we are approaching peak oil?

Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

Re: Oil rises above $90 amid US crude supply drop

Originally Posted by Catawba

From your article:

"Why Are Gas Prices So High?:
The main reason for high gas prices are high crude oil prices."

Thanks!

Why do you take it out of context?

Oil prices normally rise when demand is greater than supply. However, in 2011, high oil prices were caused by investors' fears about unrest in Libya and Egypt. Even before that, oil prices were steadily rising, as commodities traders took bet against a declining dollar, and bought gold and futures contracts. These are agreements to buy or sell oil at a specific date in the future at a specific price. Commodities traders can create a self-fulfilling prophecy by bidding up oil futures prices. Once this starts, it can create an asset bubble.

Re: Oil rises above $90 amid US crude supply drop

Originally Posted by ptif219

Why do you take it out of context?

Oil prices normally rise when demand is greater than supply. However, in 2011, high oil prices were caused by investors' fears about unrest in Libya and Egypt. Even before that, oil prices were steadily rising, as commodities traders took bet against a declining dollar, and bought gold and futures contracts. These are agreements to buy or sell oil at a specific date in the future at a specific price. Commodities traders can create a self-fulfilling prophecy by bidding up oil futures prices. Once this starts, it can create an asset bubble.

Yep, when supplies are low, the slighest little thing can cause prices to go up. That is what approaching peak oil looks like. Like your article states, "Like most of the things you buy, oil prices are affected by supply and demand."

There are many factors that can create spikes in prices sure, like commodity traders and M.E. unrest, but the underlying main factor is the demand approaching the level of supply.

Your article concludes: "The only real way to lower gas prices is to lower demand for gas and oil over a long period of time. This would work, since the U.S. consumes 25% of the world's oil. This has increased over the last 20 years, from 15 million barrels per day (bpd) to 20.7 million bpd. A concerted effort might convince commodities traders, who have driven oil prices up 25% in the first quarter of 2008, that oil was a bad investment, thus allowing oil prices to return to pre-bubble levels. "

Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

Re: Oil rises above $90 amid US crude supply drop

Originally Posted by Catawba

"The U.S. should consider raising federal gasoline taxes to $1 a gallon and boosting average fuel economy to 50 miles a gallon to help avert a global energy crisis, the head of oil company Hess Corp. said.